ADR INVEST: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ADR INVEST
Largest movements
- Cash +€238,356
up €238,356 (+5,877%), from €4,056 to €242,411
mainly Net result for the year (+€164,580) and Deferred charges and accrued income (+€83,609)
- Deferred charges and accrued income -€83,609
down €83,609 (-99.5%), from €84,014 to €405
- Receivables within one year -€17,660
down €17,660 (-1.6%), from €1.1m to €1.1m
of which Other amounts receivable: -€18,996
- Profit (loss) carried forward +€164,580
up €164,580 (+50.7%), from -€324,332 to -€159,753
- Accrued charges and deferred income -€22,407
down €22,407 (-100%), from €22,407 to €0
- Financial income +€312,223
up €312,223 (+11,826,613%), from €3 to €312,225
- Financial charges +€62,245
up €62,245 (+4,529%), from €1,374 to €63,619
- Gross operating margin -€31,667
down €31,667 (-162%), from -€19,604 to -€51,271
- Taxes +€5,430
up €5,430 (+714,451%), from €1 to €5,431
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,452,942 | €1,588,929 | +€135,986 | +9.4% |
| Fixed assets | 21/28 | €242,822 | €241,721 | -€1,101 | -0.5% |
| Tangible fixed assets | 22/27 | €9,800 | €8,699 | -€1,101 | -11.2% |
| Furniture and vehicles | 24 | €3,469 | €3,778 | +€308 | +8.9% |
| Other tangible fixed assets | 26 | €6,330 | €4,921 | -€1,409 | -22.3% |
| Financial fixed assets | 28 | €233,022 | €233,022 | = | 0.0% |
| Current assets | 29/58 | €1,210,121 | €1,347,208 | +€137,087 | +11.3% |
| Amounts receivable within one year | 40/41 | €1,122,051 | €1,104,391 | -€17,660 | -1.6% |
| Trade receivables | 40 | - | €1,335 | +€1,335 | |
| Other amounts receivable | 41 | €1,122,051 | €1,103,056 | -€18,996 | -1.7% |
| Cash at bank and in hand | 54/58 | €4,056 | €242,411 | +€238,356 | +5,877% |
| Deferred charges and accrued income | 490/1 | €84,014 | €405 | -€83,609 | -99.5% |
| Total equity and liabilities | 10/49 | €1,452,942 | €1,588,929 | +€135,986 | +9.4% |
| Equity | 10/15 | -€54,732 | €109,847 | +€164,580 | |
| Contributions | 10/11 | €268,600 | €268,600 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€324,332 | -€159,753 | +€164,580 | +50.7% |
| Amounts payable | 17/49 | €1,507,675 | €1,479,082 | -€28,593 | -1.9% |
| Amounts payable after more than one year | 17 | €1,391,000 | €1,391,000 | = | 0.0% |
| Financial debts | 170/4 | €1,391,000 | €1,391,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €94,268 | €88,082 | -€6,186 | -6.6% |
| Trade debts | 44 | €10,633 | €12,880 | +€2,247 | +21.1% |
| Suppliers | 440/4 | €10,633 | €12,880 | +€2,247 | +21.1% |
| Taxes, remuneration and social security | 45 | €6,180 | €8,704 | +€2,525 | +40.9% |
| Taxes | 450/3 | €0 | €5,458 | +€5,458 | |
| Remuneration and social security | 454/9 | €6,180 | €3,246 | -€2,934 | -47.5% |
| Other amounts payable | 47/48 | €77,455 | €66,497 | -€10,958 | -14.1% |
| Accrued charges and deferred income | 492/3 | €22,407 | €0 | -€22,407 | -100% |
| Remuneration, social security and pensions | 62 | €21,704 | €22,216 | +€512 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,209 | €3,702 | +€494 | +15.4% |
| Other operating charges | 640/8 | €1,371 | €1,406 | +€36 | +2.6% |
| Gross operating margin | 9900 | -€19,604 | -€51,271 | -€31,667 | -162% |
| Operating profit (loss) | 9901 | -€45,887 | -€78,596 | -€32,708 | -71.3% |
| Financial income | 75/76B | €3 | €312,225 | +€312,223 | +11,826,613% |
| Recurring financial income | 75 | €3 | €312,225 | +€312,223 | +11,826,613% |
| Financial charges | 65/66B | €1,374 | €63,619 | +€62,245 | +4,529% |
| Recurring financial charges | 65 | €1,374 | €63,619 | +€62,245 | +4,529% |
| Profit (loss) for the period before taxes | 9903 | -€47,259 | €170,010 | +€217,269 | |
| Income taxes | 67/77 | €1 | €5,431 | +€5,430 | +714,451% |
| Profit (loss) for the period | 9904 | -€47,260 | €164,580 | +€211,839 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,260 | €164,580 | +€211,839 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.